Siemens AG (SIE), the world’s largest maker of offshore wind turbines, said it underestimated the pace of growth in the Chinese wind market and will ramp up spending to catch up as local competitors increase their lead.
“We’re investing massively in research and development and to make use of economies of scale in production,” Felix Ferlemann, head of Siemens’s wind-power business, said in response to e-mailed questions. “We were somewhat taken by surprise by the strong growth of the Chinese market.”
China led the world in installing wind-power capacity last year. Munich-based Siemens is working to keep pace in the country, where it’s lagging behind suppliers such as Vestas Wind Systems A/S (VWS), while competition puts pressure on prices. Profitability at Siemens’s renewable-energy unit was wiped out last year, calling into question Chief Executive Officer Peter Loescher’s strategy of focusing more on green technologies.
Going Solar – it’s easier said than done. At Panasonic, we believe everyone should have access to clean, renewable energy. Joining forces with Coronal Group, we’ve developed simple, streamlined solar solutions to remove barriers that once impeded projects. Now we can bring more solar installations to fruition. From concept to design, financing to installation and beyond. Together, the Panasonic-Coronal team can help you go solar – efficiently and cost effectively.